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Binance, the world's largest cryptocurrency exchange, is seeing significant Dogecoin (DOGE) trading activity. The meme coin's 24-hour trading volume on the exchange surged 12%, reaching a substantial 648,235,545 DOGE.

DOGE Rebounds from Recent Lows

CoinMarketCap data indicates this increased interest coincides with DOGE's climb from the $0.17 support level. Dogecoin experienced considerable volatility over the past week, dipping as low as $0.1455. However, DOGE has since recovered significantly and appears poised for a potential rally. The token is nearing key resistance levels that, historically, have preceded price breakouts.

Some analysts interpret this activity as an accumulation phase for DOGE, suggesting a "buy opportunity" before a potential price surge. This could explain the high trading volume observed on Binance.

According to CoinMarketCap, DOGE was trading at $0.1747, a 2.71% increase in the last 24 hours. While still approximately 31% below its 30-day high of $0.2563, analysts remain optimistic. They predict that if DOGE maintains its support and reaches $0.20, a rally to $2.70 could follow.

Is the Binance Trading Surge a Buy Signal?

This bullish outlook is based on DOGE's average price performance over the past 11 years. While March saw less than 0.5% growth, April historically followed with a significant 68.2% spike, according to Cryptorank. This historical trend might be driving the current activity.

Market analysts suggest the intense trading on Binance could be fueled by this historical data. Traders may be capitalizing on the current low price, accumulating DOGE in anticipation of a potential price rally in April, mirroring past market cycles. Read the original article on U.Today